Step 1 - Initial consultation -- The estate administration process begins with an Initial Telephone Consultation. When a loved one passes away, it is important that the fiduciary (Executor, Administrator or Trustee) seek legal counsel for guidance through the estate settlement process. Call Robert Adler today at 212-843-4059 or 646-946-8327.

 

Step 2 - Fact finding stage -- Assist the fiduciary (Executor, Administrator or Trustee) in gathering the information needed for the preparation of various documents required for the administration of the estate or trust of the deceased.

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Step 3 - Opening the Estate -- Prepare and explain the necessary documents the Executor, Administrator and/or Trustee needs in order to acquire the legal authority to act as fiduciary. If the deceased individual died without a Will, file an administration proceeding in the applicable New York Surrogate's Court. If the deceased individual died with a Will, file a probate proceeding in the applicable New York State Surrogate's Court

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Step 4 -- Managing the Estate --  Executors and Administrators are responsible for protecting all estate property until debts and taxes are paid. In general, Executors and Administrators have three responsibilities: (1) Collect, inventory, and appraise all the assets of the estate, (2) Pay the bills, taxes, estate expenses, and creditors of the decedent, and (3) Transfer property to the beneficiaries according to the Will or, if there is no Will, then according to the New York State laws of intestacy.

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Step 5 -- Settling the Estate. The final step of the process, the distribution of assets, occurs after the executor or administrator files an accounting with the court showing the inventory, value of assets and all money paid out of the estate up to that point. Once the court approves the accounting, the executor or administrator may distribute the remaining assets of the estate to the beneficiaries.